EMC37: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
EMC37
Largest movements
- Receivables within one year +€155,472
up €155,472 (+85.0%), from €182,906 to €338,378
of which Other amounts receivable: +€205,603
- Cash -€96,464
down €96,464 (-66.8%), from €144,437 to €47,974
mainly Receivables within one year (-€155,472) and Debts after one year (-€34,125)
- Tangible fixed assets -€79,577
down €79,577 (-10.3%), from €774,586 to €695,009
- Stocks and contracts +€12,600
up €12,600 (+19.1%), from €65,850 to €78,450
- Reserves +€65,520
up €65,520 (+9.1%), from €723,118 to €788,638
- Debts after one year -€34,125
down €34,125 (-10.1%), from €338,938 to €304,813
- Trade debts -€31,278
down €31,278 (-81.1%), from €38,563 to €7,286
- Current portion of long-term debt -€17,878
down €17,878 (-34.4%), from €52,003 to €34,125
- Gross operating margin -€161,013
down €161,013 (-46.8%), from €344,016 to €183,003
- Taxes -€64,471
down €64,471 (-71.0%), from €90,868 to €26,397
- Depreciation -€11,697
down €11,697 (-11.9%), from €98,464 to €86,768
- Financial income +€6,358
up €6,358 (+475%), from €1,339 to €7,697
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,175,029 | €1,165,404 | -€9,624 | -0.8% |
| Fixed assets | 21/28 | €774,736 | €695,159 | -€79,577 | -10.3% |
| Tangible fixed assets | 22/27 | €774,586 | €695,009 | -€79,577 | -10.3% |
| Land and buildings | 22 | €625,724 | €594,797 | -€30,927 | -4.9% |
| Plant, machinery and equipment | 23 | €63,043 | €53,832 | -€9,211 | -14.6% |
| Furniture and vehicles | 24 | €85,819 | €46,380 | -€39,439 | -46.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €400,292 | €470,246 | +€69,953 | +17.5% |
| Stocks and contracts in progress | 3 | €65,850 | €78,450 | +€12,600 | +19.1% |
| Stocks | 30/36 | €65,850 | €78,450 | +€12,600 | +19.1% |
| Amounts receivable within one year | 40/41 | €182,906 | €338,378 | +€155,472 | +85.0% |
| Trade receivables | 40 | €78,552 | €28,421 | -€50,131 | -63.8% |
| Other amounts receivable | 41 | €104,354 | €309,956 | +€205,603 | +197% |
| Cash at bank and in hand | 54/58 | €144,437 | €47,974 | -€96,464 | -66.8% |
| Deferred charges and accrued income | 490/1 | €7,099 | €5,444 | -€1,655 | -23.3% |
| Total equity and liabilities | 10/49 | €1,175,029 | €1,165,404 | -€9,624 | -0.8% |
| Equity | 10/15 | €723,118 | €788,638 | +€65,520 | +9.1% |
| Reserves | 13 | €723,118 | €788,638 | +€65,520 | +9.1% |
| Distributable reserves | 133 | €723,118 | €788,638 | +€65,520 | +9.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €451,910 | €376,766 | -€75,144 | -16.6% |
| Amounts payable after more than one year | 17 | €338,938 | €304,813 | -€34,125 | -10.1% |
| Financial debts | 170/4 | €338,938 | €304,813 | -€34,125 | -10.1% |
| Amounts payable within one year | 42/48 | €112,972 | €71,953 | -€41,019 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €52,003 | €34,125 | -€17,878 | -34.4% |
| Financial debts | 43 | €6,873 | €7,961 | +€1,088 | +15.8% |
| Credit institutions | 430/8 | €6,873 | €7,961 | +€1,088 | +15.8% |
| Trade debts | 44 | €38,563 | €7,286 | -€31,278 | -81.1% |
| Suppliers | 440/4 | €38,563 | €7,286 | -€31,278 | -81.1% |
| Advances received on contracts in progress | 46 | - | €474 | +€474 | |
| Taxes, remuneration and social security | 45 | €15,532 | €22,107 | +€6,575 | +42.3% |
| Taxes | 450/3 | €15,532 | €22,107 | +€6,575 | +42.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €55,803 | +€55,803 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,464 | €86,768 | -€11,697 | -11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,646 | €5,658 | -€988 | -14.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €344,016 | €183,003 | -€161,013 | -46.8% |
| Operating profit (loss) | 9901 | €238,906 | €90,578 | -€148,328 | -62.1% |
| Financial income | 75/76B | €1,339 | €7,697 | +€6,358 | +475% |
| Recurring financial income | 75 | €1,339 | €7,697 | +€6,358 | +475% |
| Financial charges | 65/66B | €7,650 | €6,358 | -€1,291 | -16.9% |
| Recurring financial charges | 65 | €7,650 | €6,358 | -€1,291 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €232,595 | €91,917 | -€140,678 | -60.5% |
| Income taxes | 67/77 | €90,868 | €26,397 | -€64,471 | -71.0% |
| Profit (loss) for the period | 9904 | €141,727 | €65,520 | -€76,207 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €141,727 | €65,520 | -€76,207 | -53.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.